IRS Offer In Compromise Acceptance Rate Falls 7.4% In 2019 to 32.99%
The IRS released data recently on the Offer in Compromise (OIC) acceptance rate for 2019. The OIC acceptance rate decreased by 7.4% when compared to 2018. The dollar amount for all accepted OICs increased by 10.76% or about $28.1 million. That represents an average of $16, 177.86 […]
Coronavirus: State Tax Relief Changes for Business and Individual Taxpayers
Efforts to flatten the coronavirus curve have led to extremely high unemployment numbers and lowered business revenues across the country. As businesses and individuals are struggling to stay afloat, the Internal Revenue Service (IRS) and most state revenue departments have responded by creating a variety of tax relief and deferral options. Are you worried […]
Are Paycheck Protection Program Loans Taxable If Forgiven?
Paycheck Protection Program (PPP) loans provided a much-needed boost of working capital to businesses that were struggling amid the coronavirus. While the PPP loan helps cover payroll and utilities, these loans are forgivable, but from a federal tax perspective, they don’t work like other forgivable loans. Is your PPP loan taxable? Here is […]
IRS Coronavirus Tax Relief: Tax Filing, Tax Payment Deadline, and Other Changes
The IRS changed many tax filing and tax payment deadlines in response to the coronavirus outbreak. The IRS launched the People First Initiative. As a result, Individual and business taxpayers have additional time to take the following actions:
- File their 2019 tax returns
- Pay tax due on 2019 tax returns
- Make […]
IRS Announces Plans to Visit Taxpayers With Unfiled Tax Returns
The Internal Revenue Service (IRS) may be heading to your house. Recently, the agency announced plans to make in-person visits to high-income taxpayers who have not filed tax returns in 2018 or previous years. Are you worried about a […]